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What is FIFO, LIFO, and HIFO? Inventory and stock accounting management methods
Inventory and stock valuation might sound like a dry accounting concept, but it’s crucial for businesses to manage their finances effectively. In the various methods available, FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and HIFO (Highest-In,…
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Does a fixed deposit counted towards the saving account’s minimum balance?
No, a fixed deposit does not count towards the minimum balance. I do have to appreciate you, if you come to this article searching such a logical question. The minimum balance requirement is for Saving…
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Double-entry bookkeeping system
The Double Entry Bookkeeping system is scientific, perfect, and a complete method of recording business information in the books of accounts. Generally, in every business transaction, we find two accounts, out of which one account…
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What Is Bookkeeping?
Bookkeeping is a systematic method of keeping and maintaining a record of day to day business transactions in words and figures in the books of accounts to show clearly and correctly the financial position of…
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Importance of Accounting in Business
Are you a business owner? Do you understand accounting? Relax, most business owners aren’t accountants; they rely on skilled professionals to do the numbers for them. However, having a basic understanding of accounting terms can…
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Small business tools to streamline your business operations
Running a small business takes a lot of work. There is no doubt that new methods are key to success. Today there’s the technology that will help you with this. This technology won’t only help…
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Journal Entries In Accounting: Basics
Journal is one of the most important book of account, in which business transactions are recorded systematically. In layman’s term, we can say it is a book of daily records. When a businessman completes a…
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Classification of accounts: Personal, real, and nominal
An account is a list of business transactions falling under the same description for a given period of time. A systematic and summarized record of business transactions with respect to person, property, loss, gain, income,…
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![Three Golden Rules of Accounting [Explained With Examples]](https://www.atulhost.com/wp-content/uploads/2015/09/three-golden-rules-of-accounting-416x208.jpg)
Three Golden Rules of Accounting [Explained With Examples]
In the accounting field, especially in the finance section, we are taught to create and pass the journal entries in the books of accounts. One must have knowledge of basic accounting rules in order to…